Compare Today’s Refinance Rates

By Jeff Ostrowski, Reviewed by Greg McBride, CFA

On , the national average 30-year fixed refinance APR is 3.250%. The average 15-year fixed refinance APR is 2.600%, according to Bankrate’s latest survey of the nation’s largest refinance lenders.

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Refinance while rates are still low

More than 11.5 million homeowners can still save money by refinancing their mortgage.

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Current mortgage refinance rates

Refinance rates change all the time, driven by factors like the economy, Treasury bond rates and demand. Lenders nationwide provide weekday mortgage rates to our comprehensive national survey of the most current rates available. The interest rate table below is updated daily. Use these as a guide to what’s available, but keep in mind your rate may vary depending on your qualifications and the lender you choose.

Product Interest Rate APR
30-Year Fixed Rate 3.130% 3.250%
20-Year Fixed Rate 3.010% 3.130%
15-Year Fixed Rate 2.440% 2.600%
10/1 ARM Rate 3.090% 4.080%
7/1 ARM Rate 2.880% 4.000%
5/1 ARM Rate 2.690% 3.980%
30-Year VA Rate 2.790% 2.990%
30-Year FHA Rate 2.700% 3.580%
30-Year Fixed Jumbo Rate 3.120% 3.190%
15-Year Fixed Jumbo Rate 2.430% 2.490%
7/1 ARM Jumbo Rate 2.890% 3.920%
5/1 ARM Jumbo Rate 2.680% 3.690%

at 6:30 AM


Mortgage Refinance News

Bankrate survey finds 74% of homeowners with pre-pandemic mortgages haven't refinanced despite historically low mortgage rates

Mortgage rates have plunged to all-time lows, yet many American homeowners are passing up a prime opportunity to lower their interest rates and cut their monthly payments by refinancing their loans.

While the savviest homeowners refinanced, and some have even done so twice, millions more have yet to take advantage of rates that once would have seemed unthinkably low. Among homeowners with a mortgage since before the pandemic, fully 74 percent have not refinanced, according to Bankrate's new national survey of over 1,000 mortgage holders.

Common reasons why homeowners haven’t refinanced

Among homeowners who haven’t refinanced, these are the most-cited reasons:

  1. Wouldn’t save enough money to warrant a refi. That choice was named by 32 percent of respondents. Baby boomers were more likely to feel refinancing wouldn’t save them enough money (37 percent, compared with 29 percent for Gen X and 21 percent for millennials).
  2. Closing costs and fees. Fully 27 percent of respondents named that as an obstacle, with Gen Xers most likely to point to this reason (34 percent, compared to 27 percent of baby boomers and 20 percent of millennials). It’s true: Closing costs can cost you thousands of dollars, typically 3 percent to 5 percent of the amount of the loan. However, if you can cut your rate significantly and plan to stay in your home for a while, you’ll recoup those costs.
  3. Too much paperwork. That hurdle was cited by 23 percent of those who have yet to refinance.
  4. Plan to move or pay off the loan soon. This was mentioned by 14 percent of those who haven’t refinanced. That’s a valid reason not to refinance​​ — it can take years to pay off closing costs, so refinancing is best for homeowners who plan to keep their new mortgages for years.
  5. Credit score needs work. Some 12 percent said their credit scores were too low to refinance. That could be another credible reason not to refi​​— most mortgage borrowers in 2021 have higher credit scores. On-time mortgage payments are one of the best ways to boost your credit score, so make sure to pay your loan promptly.

Bankrate Survey identifies common reasons why mortgage holders haven't refinanced despite historically low rates

Millennials embrace refinancing

Millennials are the largest group of homeowners who have already refinanced, at about 28% with a pre-pandemic mortgage, but 21 percent of millennials think vacations or big ticket non-essential items represent good reasons to tap into home equity. Cashing out equity in a refinance is usually best reserved to further your financial goals, such as consolidating debt or paying for tuition.

Rates are likely to rise, so grab the refi opportunity now

If you haven’t refinanced yet, now is an ideal time. Housing economists expect rates to rise by the end of 2021. Bankrate’s survey finds 38 percent of homeowners with a mortgage don’t know their interest rate, including 54 percent of millennials.

Those who do know their mortgage rate reported a median rate of 3.57%, and an average of 4.57 percent. Both of those levels are well above current rates, meaning homeowners can reap significant savings with a refi. In separate research, mortgage data firm Black Knight says 15 million American homeowners are in position to save by refinancing.

To illustrate one example, if you have a 30-year loan for $300,000 at 4 percent, your monthly payment is $1,432. Refinancing to 3 percent would cut it to $1,265, reducing the payments by $167 a month or $2,004 a year.

What to you need to know about refinancing your mortgage

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride